Merck KGaA Reports Fall in Earnings, Details Restructuring

Merck KGaA posted a 49% fall in first-quarter 2012 net profits compared with the same period of 2011, to €174 million on revenues up 3%, to €2.6 billion. Earnings per share (EPS), adjusted for exceptional items, declined 13% year on year, to €1.67, below analysts' consensus estimates of €1.75. Ebitda before exceptionals declined 8%, to €675 million compared with a "strong" year-ago quarter, Merck KGaA says. The earnings decline reflects tough competition in the market for liquid crystals for flat screens, and restructuring...

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